|Day's Range||26,355.53 - 26,527.09|
|52 Week Range||24,896.87 - 30,280.12|
U.S. stocks bounce around Tuesday morning, but were attempting to hold on to gains, as Wall Street weighs U.S-China trade negotiations
Hong Kong stocks dipped while China-listed shares edged up, amid another day of cautious trading on Tuesday as China and the US continue working on an initial trade deal.The Hang Seng Index dropped 0.2 per cent to 26,436.62. In China, markets reversed early losses and eked out small gains by the close. The Shanghai Composite Index ended 0.1 per cent, or 2.84 points, higher at 2,917.32. The Shenzhen Component Index added 0.4 per cent, while the ChiNext Index rose 0.8 per cent."Pretty much everyone is in observation mode right now," said Kevin Leung, executive director of investment strategy at Haitong International Securities. If the US pulls back scheduled tariffs on Chinese imports on Sunday, the Hang Seng Index stands a chance of rising above the 27,000-point level by the end of this year, he said."The market has priced in all the negatives, but at the same time I can't see anything substantially positive that could support a rebound," he added.In Hong Kong, sportswear makers declined broadly, in what is likely to be a result of investors taking profits at year-end, Jefferies analysts led by John Chou said in a report on Tuesday. Retail sales at a selection of shopping malls across China reflect strong momentum this month, continuing from November, they said.Li Ning tumbled 6.3 per cent to HK$23.8, Anta Sports dropped 4.3 per cent to HK$70.75 and Xtep International Holdings weakened by 2 per cent to HK$3.85.The Hong Kong-listed shares of Alibaba Group Holding, which owns the South China Morning Post, recorded a second day of losses, following their inclusion in the Hang Seng Composite Index on Monday. The stock fell 0.6 per cent to HK$195.4, after declining 0.5 per cent on Monday.On the mainland, the Postal Savings Bank of China, the country's biggest initial public offering since 2010, closed with a slight gain of 2 per cent at 5.61 yuan. While new stocks typically soar on their first day of trading in China, investors have been more cautious of late. Moreover, the listing has been met with suspicion about its valuation levels, and growing distrust in China's banking industry, which has been hit by several unexpected bailouts.In addition, pig farmers weakened after a surge in pork prices accelerated China's consumer inflation in November, as revealed by the consumer price index released on Tuesday.Muyuan Foodstuff, one of the largest pork producers in China, fell by 5.3 per cent to 84 yuan, as investors took profits on a strong rally this year amid worries over its future output. An outbreak of African swine flu has swept across China and sent pork prices soaring. The company's shares have gained 193 per cent so far this year.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
China’s consumer inflation climbed to nearly eight-year peaks in November as pork prices doubled, but factory-gate prices remained in the red, adding to uncertainty over whether the manufacturing sector is bottoming out as trade risks persist.
US stocks and Treasury yields slid in early trade, taking a cautious response to media reports Washington and Beijing had signalled a Sunday deadline for the imposition of new round of tariffs on Chinese imports could be extended. Trade negotiators from the US and China have indicated in recent days that December 15 is not necessarily the final date for duties to increase on $165bn of imports if a so-called “phase one” deal is not reached beforehand, the Wall Street Journal reported about an hour out from Wall Street’s opening bell on Tuesday.
China’s exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. trade war but growth in imports may be a sign that Beijing’s stimulus steps are helping to stoke demand. Top White House economic adviser Larry Kudlow said on Friday that a December 15 deadline is still in place to impose a new round of U.S. tariffs on some $156 billion of China’s remaining exports to the United States.
Stocks in major Asian markets saw gains on the first trading day of December as Chinese factory activity presented a positive surprise in November.
Is the Hong Kong market poised to jump 40%? Its happened before. Transport stocks have suffered more than any due to the city's disruption, and would lead that charge.
Happy Friday, traders!Trade drove sentiment today, with Hong Kong and China stocks rising on optimism the US and China will strike a deal.Catch up on the day's action below.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Victor Fung, a tireless advocate of globalisation and head of the world's largest supply chain manager, has been honoured for a lifetime of corporate achievements at the 2019 DHL-SCMP Hong Kong Business Awards.Fung, the chairman of the Fung Group, is the seventh person to receive the Lifetime Achievement Award in the 30-year history of the awards. Previous winners included Hong Kong's wealthiest man Li Ka-shing (2010), Lee Man Tat of Lee Kum Kee (2018) and L.T. Lam (2017), the creator of the iconic yellow rubber duck that marks Hong Kong's development into a global toy manufacturing powerhouse.The awards, jointly organised by DHL and the South China Morning Post, have been celebrating exceptional contributions by Hong Kong's business owners and corporate executives since 1989, doubling from their original four prizes to eight categories including start-ups, small and medium enterprises, and lifetime achievement."Since the awards were launched 30 years ago, the city's business landscape has undergone vast changes," said Ng Chee Choong, managing director of DHL Express Hong Kong and Macau. "But all the while, these awards have served as a symbol of recognition for the individual companies that have weathered through the adversity and made Hong Kong what it is today."Judges of the 2019 DHL-SCMP Hong Kong Business Awards. alt=Judges of the 2019 DHL-SCMP Hong Kong Business Awards.The judges of the peer-evaluated awards comprise winners of each category from the previous year and nine representatives of the business community including one each from DHL and the Post."The Hong Kong Business Awards has been a hallmark of the city's unrelenting entrepreneurial spirit and dedication towards commercial excellence, " said Gary Liu, CEO of the Post. "We are pleased to recognise and honour this year's trailblazers who have shown unparalleled commitment towards the pursuit of excellence. They've exhibited the foresight, creativity and courage necessary for innovation, and we look forward to building a better future for Hong Kong businesses for years to come."Charles Li Xiaojia, the chief executive of Hong Kong Exchanges and Clearing Limited (HKEX), was voted the Businessperson of the Year, for his stewardship of Asia's third-largest financial marketplace, which is poised to regain the coveted crown as the world's top destination for initial public offerings (IPOs) for the eighth time in 11 years.Fred Lam, chief executive of the Airport Authority of Hong Kong who oversaw a 30 per cent growth in annual revenue over five years and steered the airfield through a siege by anti-government protesters in August, was honoured with the Executive Award.Winners of the 2018 DHL-SCMP Hong Kong Business Awards, at the awards gala dinner on 6 December 2018. (Left to right): Danny Yeung, Xu Jieyun, Simon Suen, Lee Man Tat, Herbert Vongpusanachai, Dr. Simon Kwok Siu-ming, Gary Liu, Amy Lo, Kitty Fung, Dah Chong and Yat Siu.Photo: Xiaomei Chen alt=Winners of the 2018 DHL-SCMP Hong Kong Business Awards, at the awards gala dinner on 6 December 2018. (Left to right): Danny Yeung, Xu Jieyun, Simon Suen, Lee Man Tat, Herbert Vongpusanachai, Dr. Simon Kwok Siu-ming, Gary Liu, Amy Lo, Kitty Fung, Dah Chong and Yat Siu.Photo: Xiaomei ChenHui Kuok, chairwoman of the Shangri-La Group, won the International Award for helping to enhance Hong Kong's global reputation by successfully developing and penetrating new markets overseas. The hotel group's inventory of 40,000 rooms spans more than 100 hotels and resorts in the Asia-Pacific, North America, the Middle East and Europe. Kwok was formerly chief executive officer of SCMP Group Limited until Alibaba Group Holding acquired this newspaper in 2016.Lee Yin Yee, chairman of Xinyi Glass Holdings Limited won the Enterprise Award for its innovation of new products and the penetration of new markets. The glass producer, listed on the Hong Kong stock market since 2005, posted a record net profit last year, with its profit margin widening to 26.5 per cent.Pony Ma, founder and chairman of Tencent Holdings, was honoured with the China Company Award. Based in southern China's technology hub Shenzhen, Tencent is best known as China's biggest publisher of mobile games and operator of the nation's ubiquitous WeChat social network. The company, with the second-biggest weighting on Hong Kong's benchmark Hang Seng Index, is valued at HK$3.15 trillion (US$402 billion), and is often cited as one of China's technology champions along with Alibaba.Nicholas Ho, deputy managing director of Ho & Partners Architects Engineers and Development Consultants Limited was the SME Award winner, a category that honours small and medium enterprises (SMEs) in Hong Kong. Together, SMEs employ 1.3 million people, or half of the city's workforce, excluding the civil service, making this the backbone of Hong Kong's economy.Ricky Chiu Yin To, chairman of Phase Scientific International Limited won the Start-up Award, a category added in 2018 to nurture new businesses. Founded by scientists from the University of California, Los Angeles (UCLA), Phase is a biotechnology start-up that develops diagnostic tools for managing health risks.The awards honour exceptional leadership at a particularly tumultuous moment for Hong Kong, as the worst political crisis in the city's history and a year-long US-China trade war combined to drive the local economy into its first technical recession in a decade.A black-tie gala dinner, during which the annual awards are announced and handed out, will be postponed this year "out of concern for the safety of our guests, winners and judges and the accessibility of the venue to attendees," said Tony Turner, the Asia Chairman of Racepoint Global, which organises the annual awards.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
The Wall Street Journal reported Thursday that Washington and Beijing are still in disagreement over the size of China’s agricultural purchases. Meanwhile, China has given little indication on how negotiations with the U.S. are progressing.
Good day, traders --Well, more twists and turns in the US-China trade deal story.Bloomberg, citing unnamed sources, reports that the two sides are moving closer to a phase-one deal despite tensions over Hong Kong and Xinjiang. December 15 is when the next set of US tariffs are scheduled to begin.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
TOKYO/HONG KONG, Dec 5 (Reuters) - Stock markets in Asia inched up on Thursday on the possibility that China and the United States may soon seal a "phase one" deal to end their 17-month trade war, but conflicting messages from U.S. President Donald Trump kept a lid on the advance. European shares are set to follow with a slightly firmer open, with the pan-regional Euro Stoxx 50 futures and London's FTSE futures rising 0.1% in early trade.
in local elections, dislodging their pro-Beijing rivals and delivering a decisive thumbs down to the city’s chief executive Carrie Lam and China’s President Xi Jinping. The elections followed almost six months of anti-government protests in the Asian finance hub that have left the city’s Hang Seng index up just 0.8 per cent this year, versus a nearly 28 per cent rise for China’s CSI 300.
A number of leading Wall Street banks are advising clients to make heavy bets on Hong Kong stocks, urging them to look again at a market that has been hammered by months of political tumult. On Wednesday, the IMF predicted Hong Kong’s economy would contract 1.2 per cent this year and grow just 1 per cent in 2020 in comparison with a 3 per cent expansion in 2018. Companies listed in the index derive much of their revenue from mainland China, meaning they would benefit from a “phase one” trade deal between the Washington and Beijing.
(Bloomberg) -- Alibaba Group Holding Ltd.’s landmark $11 billion share sale and listing in Hong Kong on Nov. 26 was galvanized by expectations the Chinese e-commerce giant will attract a vast pool of capital from its home country. But some investors caution against unrealistic expectations, especially by mainland investors, and highlight certain restrictions that still govern -- and potentially curtail -- trading activity in Alibaba’s Hong Kong shares.The company’s sheer size and the unprecedented nature of its secondary listing (the primary listing is still in New York) and unique management structure present challenges for investors hoping to gauge everything from Alibaba’s inclusion in indexes -- crucial because they direct the flow of capital from tracker funds -- to its listing status.Here’s what we know.1\. Will Alibaba get added to the Hang Seng Index?Not right now. Alibaba will be added to Hang Seng Composite Index on Dec. 9, but it isn’t qualified to join the benchmark Hang Seng Index or the Hang Seng China Enterprise Index because they comprise only primary listings and corporations without so-called weighted voting rights (WVR).Membership of the 50-member Hang Seng is coveted by corporations because it could trigger billions of dollars of inflows from funds tracking the 50-year-old gauge. Hang Seng Indexes Co. plans a consultation in the first quarter to discuss issues including whether firms with weighted voting rights, like Alibaba, should be eligible for the HSI. Any conclusions should be published by May, Daniel Wong, its head of research and analytics, said in a statement. Even if the index compiler decides to overhaul its rules, the required process means it may not be until late 2020 before Alibaba could join the major Hang Seng benchmarks.Representatives for HKEx and Alibaba declined to comment.Read more: Why Now, and Why Hong Kong, for Alibaba’s Share Sale?: QuickTake2\. Will Alibaba be included in the stock connect program?Maybe, but a lot hinges on policy makers. China doesn’t spell out criteria or qualifications for joining the program, which allows mainland investors to buy stocks listed in Hong Kong. Unlike the HSI, the program isn’t limited to primary listings. It does require review by the China Securities Regulatory Commission, the stock market watchdog.The first companies in stock connect with weighted voting rights were Meituan Dianping and Xiaomi Corp., which mainland investors got access to in late October through the program. That’s after similarly structured Chinese firms started listing in July on Shanghai’s new tech-focused Star board. Many investors expect Beijing to ultimately allow Alibaba’s Hong Kong shares to trade through the stock link with the city as well.But it may not necessarily be in China’s best interest to do so. That’s because other U.S.-listed Chinese firms -- among the country’s largest corporations, from JD.com Inc. to Baidu Inc. -- may be encouraged to follow in Alibaba’s footsteps and conduct their own secondary listings in Hong Kong, bypassing the Shanghai or Shenzhen bourses. That may run counter to Beijing’s longstanding ambitions of developing healthy, vibrant mainland exchanges, particularly as unrest grips Hong Kong.3\. Can Alibaba change its primary listing to Hong Kong?It’s possible -- thereby attracting investors with a preference for main listings, and at the same time scoring brownie points with some in Beijing who could view that as supporting China’s policy ambitions. Alibaba was given the green light to list in Hong Kong based on a new “Secondary Listing” rule, or Chapter 19C. It allows companies to conduct follow-on share offerings without complying with more stringent rules laid down by Hong Kong Exchanges & Clearing Ltd. governing first-time listees.Alibaba may enjoy special status in having more freedom to comply with Hong Kong listing requirements. Under rules laid out in a consultation paper in April last year, Chinese firms that went public before Dec. 15, 2017 don’t need to comply with “WVR” safeguards if they later switch their primary listing to Hong Kong. Alibaba, which debuted in New York in 2014, said in its Hong Kong listing prospectus it’s a “WVR” company similar to Meituan and Xiaomi.Meanwhile, Alibaba employs a fairly unique structure in which a group of partners have the right to nominate a majority of the firm’s board -- exerting outsized influence on Alibaba’s direction.In addition, Hong Kong listing rules say if trading volume there exceeds 55% of global turnover over an entire fiscal year, the stock has to adopt primary listing status in Hong Kong. HKEx gives such Chinese companies a year to comply. But with Hong Kong’s stock registration office listing just 23% of outstanding Alibaba shares as of Nov. 28, a majority of trading volume occurring there may be a tall order.\--With assistance from Paul Geitner and Fox Hu.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin Chan, Kevin KingsburyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Good day, traders --Hong Kong stocks slipped on growing concerns the trade deal may be delayed over US-China tensions. Meanwhile, China stocks gained.Check out the day's action below.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
The Australian share market suffered its worst day since mid-August on renewed fears over global trade uncertainty. The sell-off wiped on $50.8 billion in value from the market and was the largest single-day drop since a 187.8 point loss on August 15.
Asian shares fell on Tuesday after U.S. President Donald Trump stunned markets by imposing tariffs on imports from Brazil and Argentina, rekindling fears over global trade tensions, while weak U.S. factory data added to the investor gloom. Pan-region Euro Stoxx 50 futures were up 0.41% in early trades, while German DAX futures added 0.45% and FTSE futures gained 0.26%.
Donald Trump declared on Tuesday that he was prepared to wait until after the US election next year to reach a trade deal with China, fuelling global economic tensions and unnerving investors a day after the US stepped up a dispute with EU allies. Mr Trump said there was no deadline for the US-China talks, raising doubts about the prospects for resolving the dispute with Beijing.
Welcome to a fresh month, traders.November ended with a 2.1 per cent decline for the Hang Seng Index, and year to date the index is only up 1.9 per cent.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
A private survey on Monday showed China’s manufacturing activity expanded more than expected in November. Chinese state media said Sunday that Beijing wants a rollback of tariffs in the phase one trade deal that the two economic powerhouses are aiming to reach.
(Bloomberg Opinion) -- Hong Kong property companies, whose shares have been beaten down amid this year’s protests, are missing an opportunity to unlock value for shareholders. More should consider packaging their trophy assets into real estate investment trusts to release capital and improve the market’s view of their prospects.The Hang Seng Properties Index has slumped more than 17% from an April high as the unrest disrupted business, deterred home buyers and caused tourists and shoppers to stay away. The broader Hang Seng Index has lost 11%. Many real estate companies are trading at a steep discount to the value of their underlying assets.To understand why developers are trading at a discount, look at the ownership structure. Many are controlled by founding families, who are reluctant to part with their most prized properties. Take Hang Lung Properties Ltd., for example. Chairman Ronnie Chan owns more than half the company, which trades at a price-to-book ratio of 0.52 times.As a result of the reluctance to divest, companies end up acting essentially as landlords rather than developers, stunting the potential for growth. In effect, investors are participating in a bond-like structure by collecting rental income instead of achieving an equity-like return via property development and sales. Concern that Hong Kong is at the peak of a property cycle has also helped to depress valuations, with investors discounting developer shares to reflect the risk of a decline. Hang Lung’s price-to-book ratio has dropped from a peak of more than 1.8 times over the past decade as Hong Kong real estate prices surged.Spinning off rental properties into trusts, or REITs, could help to narrow the discount to net asset value. Such a maneuver would enable family-owned entities to retain control while generating capital from REIT offerings that could be redeployed into better-yielding projects. That in turn would raise return on equity, benefiting owners and investors. The parent company would enjoy higher growth prospects through a relatively asset light model while the REIT provides a steady income stream.Income taxes are the primary obstacle to expansion of Hong Kong’s REIT market. At the moment, Hong Kong property trusts are taxed like corporations at 16.5%. Singapore, by contrasts, grants a tax exemption to REITs holding both domestic and foreign properties as long as they pay out 90% of their income in dividends. In 2014, Hong Kong’s Financial Services Development Council urged the city’s authorities to stimulate the REIT market by introducing a tax break, so far to no avail.That discrepancy has helped Singapore to maintain its lead over Hong Kong as a center for REITs. Singapore, which issued its first property trust in 2002, has 43 now with total assets of $112 billion. Hong Kong’s first listing was Link REIT in 2005. Nine more have followed since, bringing total assets to $67 billion. No new REITs have been issued in Hong Kong since 2013; by contrast, Singapore has seen 11 listings in the past five years.Share performance has also been superior in the Southeast Asian city-state. The S&P Singapore REIT index has returned 25% this year, compared with less than 4% for its Hong Kong equivalent. The valuation gap is stark: Singapore REITs trade at about 1.1 times book, versus 0.6 times for Hong Kong.That might suggest that Hong Kong property companies have little to gain by packaging assets into trusts. Besides the tax issue, the discount may reflect that most REIT listings in Hong Kong to date haven’t included companies’ highest-quality properties. In any case, there’s another solution for the city’s developers: List their REITs in Singapore. That might even sway Hong Kong authorities into reconsidering their stance. (Corrects the year of Link REIT’s listing to 2005 in the seventh paragraph.)To contact the author of this story: Ronald W. Chan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ronald W. Chan is the founder and CIO of Chartwell Capital in Hong Kong. He is the author of “The Value Investors” and “Behind the Berkshire Hathaway Curtain.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Investors are keeping a "cautious" eye on Hong Kong's financial markets heading into 2020 as the city's economy takes a battering from the US-China trade war and months of civil unrest.Benjamin Jones, senior multi-asset strategist at State Street in London, said stocks listed in the city are probably "destined for some volatility" in the coming months."It wouldn't be a market that I would be jumping into at the moment. Some people say, yes, it is cheap now. It has fallen an awful long way. Is this a buying opportunity? My view is no, because it's nigh on impossible to say what is going to happen on the political side right now. This has gone on far longer than many people had feared or expected."Anti-government protests since early June have turned into fiery battles with police in university campuses, dragging down the stock market and the economy. The Hang Seng Index's 2.5 per cent gain this year has trailed a 10 per cent to 29 per cent rally in major US, UK and mainland China bourses.The city's biggest stocks have cheapened with investors willing to pay 9.9 times for their earnings in 2020, and 9.2 times for 2021, according to Bloomberg data. The price-earnings multiple has dropped from 13.7 times in 2017 to 11.2 times this year. Citigroup warns employees to avoid danger in Hong Kong after banker arrestedThe economic effects may be spreading to other industries as more listed companies, ranging from newspaper publishers to Maserati importers, have warned the protests weighed on their bottom lines in the most recent quarter.The protests began in June over a controversial extradition bill that would have made it easier to send criminal suspects to China, but have evolved into a broader movement about issues ranging from income inequality to Beijing's influence over city affairs.Andrew Swan, head of global emerging markets equities at BlackRock, said the world's biggest asset manager remains "fairly cautious" about locally based listed companies in Hong Kong until they have a clear vision of how the situation will play out."It's a very difficult environment and, at this point, it's difficult to see what the resolution is," Swan said. Hong Kong banks, firms cautious on hiring as outlook remains uncertainOn Thursday, US President Donald Trump signed legislation into law that would potentially subject Hong Kong to diplomatic and economic sanctions if the city's autonomy from mainland China is undermined. Beijing has warned the US to avoid interfering in its internal affairs, raising the spectre of further escalation of the trade dispute.The move by the Trump administration came just days after pan-democrats won by a landslide in Hong Kong's district council elections in a blow to the city's pro-establishment camp. A period of extended calm has descended over the city since the results were announced.As of Wednesday's close , the Hang Seng Index was up 1.3 per cent from November 22, the last trading day before the weekend elections.The city's stock exchange also received a shot in the arm this week as Alibaba Group Holding's secondary listing began trading in Hong Kong and its shares were fast-tracked to join the benchmark Hang Sang Composite Index next month. The biggest listing globally this year, Alibaba's shares closed Wednesday at HK$193.20 in Hong Kong , up 9.8 per cent from its offering price. Why Alibaba chose Hong Kong as home for its second IPO"Entering into a period of stability would be a step in the right direction," said Tara Joseph, the president of the American Chamber of Commerce in Hong Kong. "However, it will take months to restore confidence in many aspects of the economy. The city's global reputation has been tarnished and we need to actively show that change is afoot to restore peace, security and a solution to the ills affecting society."This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Happy Friday, traders, and we are at the last trading day of a drama-filled November --So investors remain cautiously optimistic that an interim trade deal can be worked out between the US and China. But US President Donald Trump's signing of legislation supporting Hong Kong protests sparked strong criticism from Beijing.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.